ReneSola Ltd ("ReneSola Power" or the "Company") today announced that it will participate in a consortium to develop a large-scale ground-mounted solar plant in the south of France. The plant is expected to produce 46 GWh, and supply electricity to approximately 10,000 households per year.
The consortium is led by Tenergie, the second largest independent power producer in France. Other members of the consortium include a leading power consulting company and a recognized leader in project crowdfunding. The consortium will develop the power plant covering 30 hectares of leased land in the town of Aups. The plant will be owned by an entity, which in turn will be owned by the IPP, the Municipality of Aups. Local stakeholders and the individuals that participate in crowdfunding are deeply involved in the project conception phase. The Company estimates that a project of this size and design would typically have capacity of approximately 30 MW. Actual capacity will be subject to additional authorizations, such as permits needed for final project design.
Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, "This project demonstrates the strength of public-private partnerships and how they can help us grow our business in Europe while promoting a more sustainable energy supply. Not only will Aups get a substantial source of clean and low-cost energy, but the town will secure a good source of revenue and its citizens will have an opportunity to invest in—and profit from—the growth of the clean energy industry."
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, added, "This project validates that our business in France is strong and growing. ReneSola Power is a leading developer in Europe, and we intend to accelerate our growth in the region. Europe focuses on the development of social responsibility, and various governments across the region support the deployment of solar power. Both France and other European countries are exactly the type of markets in which we are focusing our business development efforts."